Glastonbury Festival reports £3million loss and huge drop in turnover following cancellation of 2020 event

The Glastonbury Festival saw its turnover fall from £45m to less than £1m following the cancellation of the event in 2020.

In the accounts for the year ending March 31, 2021, organizers of the world famous music and arts festival held at Worthy Farm in Pilton recorded a loss of £3.1million after taxes, with a turnover of £936,000, reports Business Live.

Sir Paul McCartney, Taylor Swift and Kendrick Lamar were due to headline the Pyramid Stage in 2020, with Diana Ross playing Sunday Legends teatime, before government coronavirus restrictions forced performances to be cancelled.

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The event was postponed again last year, with the organization hosting a live event – Live at Worthy Farm – which featured sets from Coldplay, Michael Kiwanuka and Wolf Alice.

Directors of Glastonbury Festival Events Ltd said the company had been able to cover significant losses suffered from the pandemic and the cancellation of the 2020 festival with a float of retained earnings from previous years.

The organization added that the float enabled it to help with running costs in 2021 when the festival was canceled for the second time, and that it would seek to rebuild the float for future events.

The board, which includes organizers Micheal and Emily Eavis, said it continues to consider the risk posed by the pandemic for this year’s event, although plans are underway for it to take place. in June.

Administrators added that there would likely be “significant costs” specifically related to Covid-19 measures and related issues.

In April 2021, it was announced that the Glastonbury Festival would receive almost £1million to help keep the organization afloat after the pandemic, through the government’s Cultural Recovery Fund, which according to the Eavis family, would make “a huge difference” in securing the future of the event.

The accounts noted that ticket prices for the festival were increased in 2019 to ensure sufficient profits after necessary expenses incurred during its “fallow” year in 2018, – held at five-year intervals to give the land, local people and organizers a break – as well as payouts to its major charities.

The organization also organizes two much smaller events, Pilton Party and Glastonbury Extravaganza. In addition to the Live at Worthy Farm online event, the company has diversified its revenue streams in 2021 with the assembly of a family campsite on the Glastonbury Festival site called Worthy Pastures.

Jan G. Gilbert